A series B round of funding by grocery B2B e-commerce platform Peel-Works involved “complex structuring and negotiations”, said Sambhav Ranka, a partner at IC Universal Legal, which was involved in the deal.
Equanimity Ventures and HDFC Bank led the funding round for Peel-Works. The round also saw participation from Bruno Raschle, founder of asset manager Schroder Adveq, and existing investors Chiratae Ventures, Unilever Ventures and Inventus Capital India.
“The interplay of rights and obligations had substantial complexities with respect to balancing the rights and obligations of the company and promoters, and in light of the five large institutional investors, including Indian and foreign players, who would collectively hold a majority of the company’s shareholding post investment,” said Ranka.
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